Barclays has been criticised for raising the bonus pool for its investment staff. Credit: Yui Mok/PA Archive/Press Association Images

A new boss asserts his authority?

It's also tempting to see this as a sign that the chief executive is asserting his authority.

Jenkins joined as the new boss at the beginning of 2013, promising "new ethical standards" after a spate of scandals and promising to impose "pay restraint" on Barclays' often-maligned investment bank.

Only two weeks ago, shareholders expressed fury that the bank's bonus pool had gone up despite a fall in profits.

The bottom line is he is under pressure to reduce costs and make the business more profitable. "Fixed income" is the part of the bank not performing.

It is not alone, however: Barclays' branch network in France, Italy, Spain and Portugal is heavily loss making.

Tomorrow they will be hived off into a seperate 'non-core' operation with a view to finding a buyer.